In its 10-K filing with the Securities & Exchange Commission last week, Xerox Corp. reiterated that it will pursue securitization, among other strategies, to fund its equipment customer finance businesses.
The company has several receivables facilities worldwide, funding lease arrangements in countries such as Canada, Brazil, Mexico, Italy and the Netherlands through different vehicles. Much, if not all, of this activity is in someway financed through GE Capital Corp. GE itself has been bumping around the rumor mill as a potential securitizer of equipment leases, possibly involving Xerox collateral. GE also bought Heller Financial in 2001. Prior to the acquisition, Heller was a regular issuer of equipment ABS. Beyond its mammoth Edison Asset Securitization ABCP conduit, via its various subsidiaries the GE name has seen the term market several times, be in the aircraft leasing sector or in shipping containers.